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Saving for the Future: Superannuation for Medical Specialists

Posted on April 12, 2018 by Kristy Hickey in INDUSTRY Blogs & Medical Specialists
Superannuation is an important factor to consider when planning for your future. For medical specialists, a concessional contribution made to your fund each year can work towards having sufficient savings later in life.

Concessional contributions can be made either by you, your business or your employer. As an employee, you are eligible to salary sacrifice additional contributions in excess of your superannuation guarantee contributions.

Here we take you through the concessional contributions limits and how they can benefit you.


The limit for concessional contributions is currently $25,000 per year. This cap includes superannuation guarantee and any additional contributions you make. The limit for non-concessional contributions is currently $100,000 per year, however can be zero depending on your current super balance. It is best to seek advice regarding the limit specific to you and your circumstances.


Getting money into super is becoming increasingly harder. Considering a contribution to your fund each year is beneficial to ensure you are maximising your super balance while you still can.

From a tax perspective, a concessional contribution can be claimed as a tax deduction, whether it is paid by you or your business. If paid under a salary sacrifice arrangement, as a medical specialist your tax rate is generally higher than the rate of tax paid on your contribution in your fund, so the extra contribution can be beneficial to you.

It is important to be aware that from 1 July 2018 you may be liable for Division 293 tax should the total of your income and concessional contributions exceed a threshold of $250,000. Should this threshold be exceeded, an additional 15% tax will be imposed on the amount over the threshold, up to the total concessional contributions made within the concessional contributions cap.

Receive specific advice on how superannuation contributions can be used to benefit you and your future. Get in touch with our experienced team at BLG Business Advisers online or by calling (02) 4229 2211.

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